Revealed: Hidden tycoon behind Manoel Island redevelopment

Updated to include MIDI’s statement

As the government, MIDI plc, and civil society clash over the fate of the Manoel Island concession, a powerful developer lurks in the shadows – one who can command a controlling stake in the project.

The Shift has learned that Anton Camilleri (Toni tal-Franċiż) has secured a controlling stake in the future of the Manoel Island concession through a covert agreement with MIDI plc, the publicly listed company holding development rights to the site.

The deal, concluded in December 2021, was forged between MIDI and Camilleri’s company, AC Enterprises, to form a joint venture that will assume ownership of the controversial waterfront project. “Following the expansion of his company into various offshoot brands over the years, Anton and his children decided it was time to consolidate seven years ago, creating the AC Group of Companies as it is known today,” according to the company’s website.

While officially presented as a Memorandum of Understanding, the agreement is described by insiders as effectively binding, with Camilleri poised to take over operational control once planning permits are secured.

Camillleri, a developer who is also behind the Villa Rosa project, will own the majority of shares in the joint venture and will be entirely responsible for the project. MIDI will contribute through the public land it acquired through its concession in return for a minority stake.

This arrangement has, until now, remained largely hidden from public scrutiny—even as the project has drawn intense criticism from NGOs, supported by a 29,000-strong petition.

MIDI, seemingly unable to fund the €500 million development independently despite prioritising and selling developments in Tigne, has turned to funders.

The private operator has a lease on the combined Tigné Point-Manoel Island concession until 2099. However, the contract, signed by the Maltese Parliament in a unanimous vote by both parties in 2000, states that works must be “substantially complete” by March 2023.

As of April 2024, the top four shareholders of MIDI plc were: Alf. Mizzi & Sons (17.37%), MAPFRE MSV Life plc (12.55%), Gasan Enterprises (11.09%) and Mark Weingard (8.91%).

This is not the first time MIDI has sought a deep-pocketed partner to realise its plans. In 2018, MIDI entered into a similar agreement with the Tumas Group, then led by Yorgen Fenech. That arrangement collapsed following Fenech’s arrest in connection with accusations of his alleged involvement in the murder of journalist Daphne Caruana Galizia.

Following that implosion, MIDI turned to Camilleri. Discussions between Camilleri and Prime Minister Robert Abela have been held.

It is an open secret in the industry, and even among politicians, including Prime Minister Robert Abela, that MIDI’s Manoel Island will be a project led by tal-Franċiz.

In another case, Abela personally brokered planning changes to benefit Camilleri’s Villa Rosa project, matching the plans to Camilleri’s requirements.

Separately, Abela is also meeting the official owners of the MIDI concession, who want to negotiate a new ‘completion date’ for their project after they missed the March 2023 deadline by which Manoel Island was to be completed.

Meanwhile, the original concession agreement remains mired in controversy.

The public has called for the concession to be rescinded after MIDI failed to meet its March 2023 deadline. The company, however, argues that delays in planning permits and archaeological discoveries justify an automatic extension under the concession’s terms.

Financially, MIDI seems to be struggling. According to its latest published accounts, while it still holds assets worth €259 million, the company posted a €3.7 million loss in 2024, following a €1.5 million loss the previous year.

MIDI maintains that it is confident that it will be in a position to repay its €50 million bond maturing in July 2026.

In a statement on Sunday (following the publication of this report), MIDI said it recognised the government’s desire to convert Manoel Island into a national park.

“In light of this shift in the government’s policy direction, the company is open to reaching an agreement that reflects current national priorities, which are clearly different from those prevailing when the concession was granted.”